Las Vegas, NV (February 25-28)
SFIG and co-host IMN hosted the largest capital markets conference in the world at the Aria Resort & Casino in Las Vegas this February. The three-and-a-half day program was designed by leaders within the structured finance industry representing the full spectrum of industry participants, including investors, issuers, financial intermediaries, regulators, law firms, accounting firms, technology firms, rating agencies, servicers and trustees. Aspen executives were in attendance.
Some fascinating insights emerged from the conference, with Michael Bright, acting president of Ginnie Mae revealing that risk-sharing transactions could involve the private market taking credit risk on FHA loans in mortgage-backed securities (MBS) guaranteed by Ginnie. He noted that he would welcome the issue of at least one pilot transaction this year. One option he suggested for risk sharing on Ginnie Mae MBS might involve re-insurance on FHA mortgages, with substantially reduced mortgage insurance premiums for the loans with private-capital risk sharing.